Tuesday

18th Sep 2018

'No indication' VW used EU loans to cheat

  • Hoyer: "As far as we know – and we have investigated very, very thoroughly – our loans to Volkswagen have not been abused." (Photo: Dave Pinter)

The European Investment Bank (EIB) found no indication that its loans to German carmaker Volkswagen have been used to fund development of diesel cars involved in the emissions cheating scandal.

“We have not found any indication that our loans might have been used for fraudulent purposes,” said EIB chief Werner Hoyer at a press conference on Tuesday (24 January).

Read and decide

Join EUobserver today

Support quality EU news

Get instant access to all articles — and 18 year's of archives. 30 days free trial.

... or join as a group

“As far as we know – and we have investigated very, very thoroughly – our loans to Volkswagen have not been abused.”

After the Volkswagen Group admitted cheating on emissions tests in September 2015, the EIB began an investigation into whether any of its loans to VW had been used to fund the cheating software.

At a press conference in January 2016, Hoyer said he could not exclude the possibility of a link between a €400 million EIB loan to Volkswagen signed in 2009 and the emissions fraud.

On Tuesday, Hoyer repeated the bank was “disappointed” by Volkswagen's actions, considering the many VW projects EIB funded.

Also, because of the EIB's “commitment” to tackling climate change, “you want to be associated with partners who stick to their promises”.

Hoyer noted that there were no loans to VW “in the pipeline”, and that he did not expect any to be negotiated “in the foreseeable future”.

Last July, the EIB president said that lending may become more expensive for the firm.

He did not repeat that on Tuesday, although he did confirm that lending criteria “will be stricter”.

“Since we have learned, we are going to be more open-eyed than ever,” said Hoyer.

Car companies wanting a loan from the EU bank, can expect further scrutiny.

“We have learned the hard way," he said. "We are looking at all our corporate partners. One would have to be naive not to see that beyond Volkswagen other companies might be affected as well, so we are approaching this with open eyes.”

Investigation

Diesel cars still dirty, despite huge EU loans

The European Investment Bank lent billions to carmakers, in part to clean up diesel cars. But diesel cars are still dirty, prompting questions if the money was well spent.

Investigation

ECB in ‘bail-out’ of scandal-tainted VW

The ECB has started to “bail out” Germany’s Volkswagen Group by buying its corporate bonds, but other EU-linked banks continue to shun the scandal-tainted firm.

Investigation

EU probe into VW loan remains opaque

EU anti-fraud agency and European Investment Bank tight-lipped on report that said Volkswagen deceived the bank when acquiring a €400 million loan.

EIB silent on report into 'fraudulent' VW loan

European Investment Bank vice-president Taylor tells EUobserver the fraud investigation into a €400 million EIB loan to Volkswagen had 'considerable ramifications', but didn't want to explain why the report was kept secret.

EIB 'more sensitive' to fraud after Dieselgate

The president of the European Investment Bank, Werner Hoyer, said the bank had high standards - but did not explain why an anti-fraud report on a loan to Volkswagen was being kept secret.

News in Brief

  1. EU investigating BMW, Daimler and VW 'collusion'
  2. Spain wants special Gibraltar chapter in Brexit deal
  3. Italy cancels Vienna talks over South Tyrol 'dual citizenship'
  4. Britain will not accept Brexit deal with Irish Sea border
  5. Slovakia seeks witness to journalist killing
  6. Finland's Stubb considers running for EU commission job
  7. Romania ponders anti same-sex marriage referendum
  8. EU lawyers back Slovenia in Croatia border dispute

Opinion

Aid, migration and the next EU budget

Th next EU budget is the most pivotal opportunity to advance a vision for Europe rooted in human rights and that builds a Union that works for all its members.

Stakeholders' Highlights

  1. NORDIC COUNCIL OF MINISTERSThe Nordic gender effect goes international
  2. NORDIC COUNCIL OF MINISTERSPaula Lehtomaki from Finland elected as the Council's first female Secretary General
  3. NORDIC COUNCIL OF MINISTERSNordic design sets the stage at COP24, running a competition for sustainable chairs.
  4. Counter BalanceIn Kenya, a motorway funded by the European Investment Bank runs over roadside dwellers
  5. ACCACompany Law Package: Making the Best of Digital and Cross Border Mobility,
  6. IPHRCivil Society Worried About Shortcomings in EU-Kyrgyzstan Human Rights Dialogue
  7. UNESDAThe European Soft Drinks Industry Supports over 1.7 Million Jobs
  8. Mission of China to the EUJointly Building Belt and Road Initiative Leads to a Better Future for All
  9. IPHRCivil society asks PACE to appoint Rapporteur to probe issue of political prisoners in Azerbaijan
  10. ACCASocial Mobility – How Can We Increase Opportunities Through Training and Education?
  11. Nordic Council of MinistersEnergy Solutions for a Greener Tomorrow
  12. UNICEFWhat Kind of Europe Do Children Want? Unicef & Eurochild Launch Survey on the Europe Kids Want

Latest News

  1. Tensions mount over Kosovo-Serbia deal
  2. New book: Why war is coming
  3. EU parliament will not budge on office expenses
  4. Why Orban's project to reshape EU politics will be unsuccessful
  5. 10 years after Lehman Brothers what has changed for EU consumers?
  6. Sefcovic launches bid to be EU Commission president
  7. Is Russia blackmailing the Council of Europe?
  8. First containership goes north of Russia from Asia to Europe

Join EUobserver

Support quality EU news

Join us